Maplewood Closes on Sale of Post Office Site to JMF and Gladstone

0 FacebookTwitterPinterestEmail

[Editor’s note, 11/17: the numbers we previously received on the sale of the property were incorrect; we have changed them based on information from Township Counsel Roger Desiderio.]

Maplewood Township has closed on the sale of the former Post Office site to Maplewood Redevelopers, LLC, an arm of JMF Properties. [Editor’s note: according to township counsel Roger Desiderio, the property’s official owners are now JMF Maplewood LLC and Gladstone of Maplewood, LLC.]

The sale price was $1,250,000 less a $200,000 demolition credit for a net to the town of $1,050,000. The developer originally made an initial $100,000 contribution into the township’s Affordable Housing Trust Fund and then agreed to make an additional $100,000 payment to that fund at closing. The developer also paid the town a one-time payment of $5,000 to assist with the creation of a loading zone in the Ricalton Square parking lot. The total payment to the town was $1,255,000.

The closing took place Monday afternoon.

The extra $100,000 for the trust fund was “part of the final discussion regarding the November 16th closing,” said DeLuca. The township’s Affordable Housing Trust Fund is now at zero; previously DeLuca said the town would immediately put $100,000 of the purchase price into the fund and the balance will go into Maplewood’s reserve fund and will be used for the 2016 budget.

See a letter from JMF’s attorney to Roger Desiderio, township counsel, about that additional payment here:

Download (PDF, 47KB)

The township will vote on final approval of the transfer of a 5-year tax abatement agreement (PILOT) from Maplewood Redevelopers, LLC to two new entities: JMF Maplewood LLC and Gladstone of Maplewood LLC, tonight at 7:30 p.m. at Town Hall.


Related Articles